personal finance - grade 8 - paterson school · pdf fileeighth grade personal finance...

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Department of College and Career Readiness

Eighth Grade Personal Finance Curriculum

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Eighth Grade Personal Finance

Course Description In this course students will learn the elements of paycheck and create personal financial plans. In addition, they will examine financial well being and retirement options. The aim of this course is to ready students for the financial decisions and challenges of adulthood.

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Eighth Grade Personal Finance

Pacing Guide Unit Topic Suggested Timing

Unit 1 (SLOs 1-4) Managing Your Paycheck Approx. 9 weeks

Unit 2 (SLOs 5-6) Financial Planning and the Importance of Saving Approx. 9 weeks

Unit 3 (SLOs 7-8) Understanding the Economy Approx. 9 weeks

Unit 4 (SLOs 9-10)

Retirement Planning Approx. 9 weeks

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Educational Technology Standards 8.1.8.A.4, 8.1.8.A.5, 8.1.8.D.1, 8.1.8.E.1, 8.2.8.B.1

Ø Educational Technology § Generate a spreadsheet to calculate, graph, and present information.

Example of use within the unit: Students will create a spreadsheet of deductions, exemptions, and credits.

§ Model appropriate online behaviors related to cyber safety, cyber bullying, cyber security, and cyber ethics

Example of use within the unit: Students will follow all district, state, and federal laws when using the internet.

§ Gather and analyze findings using data collection technology to produce a possible solution for a content-related or real-world problem.

Example of use within the unit: Students will gather and analyze the nuances of paycheck deductions.

Ø Technology, Education, Engineering, and Design

§ Apply previous content knowledge by creating and piloting a digital learning game or tutorial.

Example of use within the unit: Students will create their own website highlighting the need for retirement planning.

Ø Critical Thinking, Problem Solving, Decision Making

§ Evaluate the strengths and limitations of emerging technologies and their impact on educational, career, personal and or social needs.

Example of use within the unit: Students will research the skills required for 21st stock market investing.

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Career Ready Practices

Career Ready Practices describe the career-ready skills that all educators in all content areas should seek to develop in their students. They are practices that have been linked to increase college, career, and life success. Career Ready Practices should be taught and reinforced in all career exploration and preparation programs with increasingly higher levels of complexity and expectation as a student advances through a program of study. CRP3. Attend to personal health and financial well-being. Career-ready individuals understand the relationship between personal health, workplace performance and personal well-being; they act on that understanding to regularly practice healthy diet, exercise and mental health activities. Career-ready individuals also take regular action to contribute to their personal financial well-being, understanding that personal financial security provides the peace of mind required to contribute more fully to their own career success. Example of use within the unit: Students will draft retirement goals. CRP4. Communicate clearly and effectively and with reason. Career-ready individuals communicate thoughts, ideas, and action plans with clarity, whether using written, verbal, and/or visual methods. They communicate in the workplace with clarity and purpose to make maximum use of their own and others’ time. They are excellent writers; they master conventions, word choice, and organization, and use effective tone and presentation skills to articulate ideas. They are skilled at interacting with others; they are active listeners and speak clearly and with purpose. Career-ready individuals think about the audience for their communication and prepare accordingly to ensure the desired outcome. Example of use within the unit: Students will present financial goals. CRP6. Demonstrate creativity and innovation. Career-ready individuals regularly think of ideas that solve problems in new and different ways, and they contribute those ideas in a useful and productive manner to improve their organization. They can consider unconventional ideas and suggestions as solutions to issues, tasks or problems, and they discern which ideas and suggestions will add greatest value. They seek new methods, practices, and ideas from a variety of sources and seek to apply those ideas to their own workplace. They take action on their ideas and understand how to bring innovation to an organization. Example of use within the unit: Students will create posters illustrating retirement risks.

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CRP10. Plan education and career paths aligned to personal goals. Career-ready individuals take personal ownership of their own education and career goals, and they regularly act on a plan to attain these goals. They understand their own career interests, preferences, goals, and requirements. They have perspective regarding the pathways available to them and the time, effort, experience and other requirements to pursue each, including a path of entrepreneurship. They recognize the value of each step in the education and experiential process, and they recognize that nearly all career paths require ongoing education and experience. They seek counselors, mentors, and other experts to assist in the planning and execution of career and personal goals. Example of use within the unit: Students will draft long term goals and implement plans to reach these goals.

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Differentiated Instruction Strategies to Accommodate Students Based on Individual Needs

Time/General

• Extra time for assigned tasks

• Adjust length of assignment

• Timeline with due dates for reports and projects

• Communication system between home and school

• Provide lecture notes/assignments, and tutorials outline

Processing

• Extra Response time

• Have students verbalize steps

• Repeat, clarify or reword directions

• Mini-breaks between tasks

• Provide a warning for transitions

• Video lessons online

Comprehension

• Precise step-by-step directions

• Short manageable tasks

• Brief and concrete directions

• Provide immediate feedback

• Small group instruction

• Emphasize multi-sensory learning

Recall

• Teacher-made checklist

• Use visual graphic organizers

• Reference resources to promote independence

• Visual and verbal reminders

• Graphic organizers

Assistive Technology

• Computer/whiteboard

• Video lesson

• Spell-checker

• Text speech software

Tests/Quizzes/Grading

• Adjusted rubrics for projects

• Study guides

• Shortened tests

• Read directions aloud

Behavior/Attention

• Consistent daily structured routine

• Simple and clear classroom rules

• Frequent feedback

Organization

• Individual daily planner

• Display a written agenda

• Note-taking assistance

• Color code materials

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Differentiated Instruction Strategies to Accommodate Students Based on Content-Specific Needs

• Web quests

• Use of graphic organizers, e.g. Triple-Venn Diagram for Economic Cycles

• Banking Simulations

• Stock Market Role Play

• Calculations of tax deductions, exemptions and credits

• Extra time for assigned tasks

• Adjust length of assignment

• Timeline with due dates for reports and projects

• Communication system between home and school

• Small group instruction

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Enrichment Strategies Used to Accommodate Based on Students Individual Needs: • Adaption of Material and Requirements

• Evaluate Vocabulary

• Elevated Text Complexity

• Elevated Projects Rubrics

• Independent Written and Video Online Tutorials

• Projects completed individual or with Partners

• Self Selection of Research

• Tiered/Multilevel Activities

• Online Learning Communities

• Individual Response Board

• Independent Book Studies

• Open-ended activities

• Community/Subject expert mentorships

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Assessments Suggested Formative/Summative Classroom Assessments • Mind Maps

• Teacher-created Unit Assessments, Topic Assessments, Quizzes

• Math Stations/Centers

• Accountable Talk, Debate, Oral Report, Role Playing, Think Pair, and Share

• Projects, Portfolio,

• Homework

• Concept Mapping

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Interdisciplinary Connections

English Language Arts

• Write about retirement plans (NJSLSA.W3)

• Create posters for taxation (NJSLSA.R4)

• Write financial goals (NJSLSA.W3)

Social Studies

• Research the history of the Stock Market Crash (6.3.4)

• Research the financial Cycles (6.3.4)

• Research the purpose of taxes (6.3.4)

World Language

• Translate Personal Finance content (7.1.ILA)

• Create a translated index of Personal Finance vocabulary (7.1.ILA)

Math

• Calculate personal deductions and credits (1.OA.A.1)

Fine & Performing Arts

• Role Play IRS (1.2.4)

Science

• Research latest developments in industry technology (HS-ETS1)

• Investigate applicable-careers in STEM fields (HS-ETS1)

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New Jersey Student Learning Standards

9.1 Personal Financial Literacy A. Income and Careers

• 9.1.8.A.1 Explain the meaning and purposes of taxes and tax deductions and why fees for various benefits (e.g., medical benefits) are taken out of pay.

• 9.1.8.A.2 Relate how career choices, education choices, skills, entrepreneurship, and economic conditions affect income.. • 9.1.8.A.5 Relate how the demand for certain skills determines an individual’s earning power. • 9.1.8.A.6 Explain how income affects spending decisions. • 9.1.8.A.7 Explain the purpose of the payroll deduction process, taxable income, and employee benefits.

B. Money Management

• 9.1.8.B.1 Distinguish among cash, check, credit card, and debit card. • 9.1.8.B.2 Construct a simple personal savings and spending plan based on various sources of income. • 9.1.8.B.3 Justify the concept of “paying yourself first” as a financial savings strategy. • 9.1.8.B.4 Relate the concept of deferred gratification to [investment,] meeting financial goals, and building wealth. • 9.1.8.B.5 Explain the effect of the economy on personal income, individual and family security, and consumer decisions. • 9.1.8.B.7 Construct a budget to save for long-term, short-term, and charitable goals. • 9.1.8.B.8 Develop a system for keeping and using financial records. • 9.1.8.B.9 Determine the most appropriate use of various financial products and services (e.g., ATM, debit cards, credit cards,

check books).

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D. Planning, Saving, and Investing

• 9.1.8.D.1 Determine how saving contributes to financial well-being.

• 9.1.8.D.2 Differentiate among various savings tools and how to use them most effectively.

• 9.1.8.D.3 Differentiate among various investment options.

• 9.1.8.D.5 Explain the economic principle of supply and demand.

F. Civil Financial Responsibility

• 9.1.8.F.2 Examine the implications of legal and ethical behaviors when making financial decisions. • 9.1.8.F.3 Relate the impact of business, government, and consumer fiscal responsibility to the economy and to personal finance.

G. Insuring and Protecting

• 9.1.8.G.1 Explain why it is important to develop plans for protecting current and future personal assets against loss. • 9.1.8.G.2 Determine criteria for deciding the amount of insurance protection needed. • 9.1.8.G.3 Analyze the need for and value of different types of insurance and the impact of deductibles.

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Course: Eighth Grade Personal Finance Grade Level: 8th

Course Overview: In this course students will learn the elements of paycheck and create personal financial plans. In addition, they will examine financial well-being and retirement options. The aim of this course is to ready students for the financial decisions and challenges of adulthood.

New Jersey Student Learning Standards (NJSLS): 9.1.8.A.1; 9.1.8.A.2; 9.1.8.A.5; 9.1.8.A.6; 9.1.8.A.7; 9.1.8.B.1; 9.1.8.B.2; 9.1.8.B.3; 9.1.8.B.4; 9.1.8.B.5; 9.1.8.B.7; 9.1.8.B.8; 9.1.8.B.9; 9.1.8.D.1; 9.1.8.D.2; 9.1.8.D.3; 9.1.8.D.5; 9.1.8.E.1; 9.1.8.E.2; 9.1.8.E.3; 9.1.8.E.4; 9.1.8.E.5; 9.1.8.F.2; 9.1.8.F.3; 9.1.8.G.1, 9.1.8.G.2; 9.1.8.G.3

Student Learning Objectives (SLOs) Essential Questions Skills & Indicators Sample Activities Resources

1) Decode and identify elements of a paycheck. NJSLS: 9.1.8.B.1; 9.1.8.B.2; 9.1.8.B.3; 9.1.8.B.4; 9.1.8.B.5; 9.1.8.B.7; 9.1.8.B.8; 9.1.8.B.9; 9

How do I understand my paycheck? Why are taxes and other government services deducted from my paycheck? What is gross income?

• Understand the elements of a paycheck

• Identify the paycheck deductions

• Identify why taxes are deducted

• Differentiate between the different taxes on a typical paycheck

• Define the

KNL Chart: Write what you already know about the topic in the KNOW column (take a guess if you don't know so you don't leave it blank). Throughout the lesson answer the questions from the NEED TO KNOW column in the LEARNED column. Paycheck Simulation

Wells Fargo Hands on Banking: https://www.wellsfargo.com/about/corporate-responsibility/hands-on-banking/ Chase Bank Financial Education: https://www.chase.com/

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purpose and collecting agency for each tax (payroll and non-payroll)

• Cite types and sources of other non-payroll taxes

• Calculate the tax advantages offered by tax deferred investment vehicles

• Describe the benefits that taxes offer to society

and Analysis: https://www.stlouisfed.org/~/media/Education/Curriculum/pdf/Its-Your-Paycheck-Lesson-8.pdf

Capital One Bank Financial Literacy Resources: https://www.capitalone.com/financial-education/financial-literacy-programs/ PNC Bank Finances 101: https://pnc.financialliteracy101.org/

2) Discuss how taxes, personal exemptions, and deductions impact net pay.

What is net pay? Hoe do you determine net pay?

• Differentiate between net and gross pay

• Calculate gross, net, and taxable

Standard Deduction Lesson Plan: https://apps.irs.gov/app/understandingTaxes/

TD Tax Lesson Plans: https://www.tdbank.com/wowzone/lessons/Gr9-12Lesson9.pdf\

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NJSLS: 9.1.8.A.1; 9.1.8.A.2; 9.1.8.A.5; 9.1.8.A.6; 9.1.8.A.7

How do you calculate the adjusted gross income, taxable income, income tax due, and income tax refund?

income • Understand the

nuances of paycheck

hows/mod07/media/lp_mod07.pdf Chart: Create a list/chart of potential deductions and credit.

Wells Fargo Hands on Banking: https://www.wellsfargo.com/about/corporate-responsibility/hands-on-banking/ Chase Bank Financial Education: https://www.chase.com/ Capital One Bank Financial Literacy Resources: https://www.capitalone.com/financial-education/financial-literacy-programs/ PNC Bank Finances 101: https://pnc.financialliteracy101.org/

3) Explain how to calculate gross and net

• Differentiate between net and

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income NJSLS: 9.1.8.A.1; 9.1.8.A.2; 9.1.8.A.5; 9.1.8.A.6; 9.1.8.A.7

How do you calculate your net pay? How do you calculate gross income? How do you calculate state and city income taxes?

gross pay • Calculate gross,

net, and taxable income

• Understand the nuances of paycheck

• Find federal withholding tax deductions

• Calculate social security and Medicare tax deductions,

• Calculate total deductions and net pay

Wages and Salaries Webquest: http://zunal.com/webquest.php?w=62275 Stations: Calculate gross and net income at classroom centers.


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4) Discuss the IRS Form W-4 NJSLS: 9.1.8.A.1; 9.1.8.A.2; 9.1.8.A.5; 9.1.8.A.6; 9.1.8.A.7

What is the IRS? What is a W-4? How does the IRS impact net pay?

• Understand the system of state, local, and federal taxes

• Identify the role of the IRS

Taxes Webquest: http://zunal.com/webquest.php?w=184491 W-4 and W-2: Fill out as a class mock forms. Discuss the significance of these forms.


5) Create a financial plan

What are the characteristics of a

• Identify when and how to create a

Discussion/Quick Write: What are your short term and long term

Wells Fargo Hands on Banking:

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NJSLS: 9.1.8.B.1; 9.1.8.B.2; 9.1.8.B.3; 9.1.8.B.4; 9.1.8.B.5; 9.1.8.B.7; 9.1.8.B.8; 9.1.8.B.9; 9.1.8.D.1; 9.1.8.D.2; 9.1.8.D.3; 9.1.8.D.5

financial plan? How can understanding effective personal finance strategies improve my life? What can I do to ensure that I will be successful when making and managing money?

financial plan

• Define personal income

• Discuss and identify the payroll deductions that are withheld from paychecks

• Recognize the 4 four choices that can be made with our money

• Describe the importance of developing effective spending habits Develop financial goal(s) statement

financial goals? Posters: Create a long-term financial plan poster for your college years.

https://www.wellsfargo.com/about/corporate-responsibility/hands-on-banking/ Chase Bank Financial Education: https://www.chase.com/ Capital One Bank Financial Literacy Resources: https://www.capitalone.com/financial-education/financial-literacy-programs/ PNC Bank Finances 101: https://pnc.financialliteracy101.org/

6) Describe how savings affects financial well-

Why is it important to have a savings plan to ensure financial succes

• Describe the importance of

Savings Lesson Plans: https://www.moneyinstructor.com/spendsave.

Wells Fargo Hands on Banking: https://www.wellsfargo.

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being NJSLS: 9.1.8.G.1, 9.1.8.G.2; 9.1.8.G.3

s? Why is it important to have a savings plan to ensure financial success? How can saving and investing help me earn additional income?

developing effective spending habits

• Develop financial goal(s) statement

• Evaluate the differences between savings accounts, stocks, and bonds

• Explain how investing in real estate and business ventures help you increase your income Select a stock, research the company, monitor the stock over a period of 10 school days, and report out financial

asp Reflection: How much would you have to save to buy a car in high school?

com/about/corporate-responsibility/hands-on-banking/ Chase Bank Financial Education: https://www.chase.com/ Capital One Bank Financial Literacy Resources: https://www.capitalone.com/financial-education/financial-literacy-programs/ PNC Bank Finances 101: https://pnc.financialliteracy101.org/

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gain or loss

7) Explain and discuss how the economy impacts personal financial choices NJSLS: 9.1.8.G.1, 9.1.8.G.2; 9.1.8.G.3

How can the economy play a role in your financial well-being? What kind of economy does the US have? How can the economy impact financial choices/options?

Differentiate between:

• Market Economy

• Command Economy

• Traditional Economy

• Mixed Economy

Discussion: How did the Stock Market Crash of 1929 impact personal finances? Venn Diagram: Compare and contrast the US and European Union Economies.


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8) Examine economic cycles NJSLS: 9.1.8.D.1; 9.1.8.D.2; 9.1.8.D.3; 9.1.8.D.5

What is the Business Cycle and what happens in each part? Why is the United States considered a mixed Economy? What is illustrated in the circular flow model?

• Understand economic cycles

• Differentiated between a mixed, command, and traditional economy

Economic Cycles Lesson Plans: http://bizkids.com/lesson/lesson-208 Website: Create a website showing your school the business cycles.


9) Explain how long-term retirement savings

What are the benefits of retirement planning? • Create retirement Discussion: Why is it

necessary to plan for Wells Fargo Hands on Banking:

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through investing builds wealth NJSLS: 9.1.8.G.1, 9.1.8.G.2; 9.1.8.G.3

How does investment build wealth? What are the six steps of financial planning?

plan

• Understand the benefits of a retirement plan

retirement? Building Wealth Lesson Plans: https://www.federalreserveeducation.org/resources/districts/dallas/Building%20Wealth%20in%20the%20Classroom

https://www.wellsfargo.com/about/corporate-responsibility/hands-on-banking/ Chase Bank Financial Education: https://www.chase.com/ Capital One Bank Financial Literacy Resources: https://www.capitalone.com/financial-education/financial-literacy-programs/ PNC Bank Finances 101: https://pnc.financialliteracy101.org/

10) Identify differences in retirement planning strategies

What are products used for short term and long term in investing strategies?

• Identify retirement planning strategies

Retirement Options: Create a prezi outlining retirement option. Retirement Lessons:

Wells Fargo Hands on Banking: https://www.wellsfargo.com/about/corporate-responsibility/hands-

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NJSLS: 9.1.8.G.1, 9.1.8.G.2; 9.1.8.G.3

What are the benefits of retirement planning? What are the risks of not planning for retirement?

http://www.investopedia.com/articles/retirement/09/retirement-lessons-learned.asp

on-banking/ Chase Bank Financial Education: https://www.chase.com/ Capital One Bank Financial Literacy Resources: https://www.capitalone.com/financial-education/financial-literacy-programs/ PNC Bank Finances 101: https://pnc.financialliteracy101.org/

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Vocabulary Retirement Planning Wealth Economy Deductions Adjusted Gross Income Peak Trough Contrationary

Exemptions Deductions Beneficiary Emergency Fund Exemptions Capital Expansionary Deflation Inflation

Suggested Unit Projects Choose At Least One

Create a retirement brochure.

Research states without a personal income tax.

Suggested Structured Learning Experiences Internal Revenue Service 2283 3rd Ave, New York, NY 10035 Phone:(800) 829-1040

Banco Popular West New York, NJ (201) 863-2567

personal finance - grade 8 - paterson school · pdf fileeighth grade personal finance...

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